The Finnish company's turnover doubled over the decade, notably following the absorption of Alcatel - an episode that was both salutary for the group and costly for its shareholders in terms of the dilution it caused.

Margins have been yo-yoing, but current operating income has stabilized at around EUR 2 billion, and net profit at between EUR 1 and EUR 1.5 billion. It should be noted in this respect that it is not easy to reconcile the accounting results with the cash flows.

This earnings power in relation to the current enterprise value of EUR 20 billion has led the Board of Directors to continue the share buyback program launched last year. In the first quarter of 2023, Nokia acquired 19 million of its shares at an average price of EUR 4.4.

In terms of operations, the network infrastructure segment recorded a clear improvement in sales and margins thanks to the rapidly expanding fiber optics activities. The mobile networks segment was less buoyant, but the overall picture is balanced to ensure consolidated stability.

Management expects revenues to be in line with those achieved in 2022, coupled with a record level of investments this year, to the tune of EUR 700 million. So don't expect any surprises in terms of profits: the treading water should continue for at least another year.

The two major European network equipment manufacturers, Ericsson and Nokia, are both prisoners of a complicated telecom market on the Old Continent, because it is too competitive and therefore not profitable enough - neither for operators nor for equipment manufacturers.

This, while the North American and Asian markets are closing abroad in a protectionist tense.